How SAS Nos. 134-145 Improve Risk-Based Audits

Overview

Recent generally accepted auditing standards were written to improve the quality of risk-based financial statement audits, audit reporting, and required by-product communications. This course will discuss the important clarifications and enhancements intended to improve audit quality to ensure better compliance with requirements contained in SAS Nos. 134-145. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

Highlights

The major topics that will be covered in this class include:

• Key changes to audit report elements intended to improve the understandability of the nature and results of financial statement audits
• Enhanced required by-product communications with management and those charged with governance to promote more reliable financial statements
• Clarifications related to obtaining sufficient and appropriate audit evidence, including significant unusual transactions, related parties, going concern uncertainty, and accounting estimates
• New definitions and requirements related to identifying and evaluating risks of material misstatement
• Other important matters contained in SAS Nos. 134-145

Prerequisites

None

Designed For

Anyone with financial statement audit responsibilities

Objectives

After attending this presentation you will be able to...

• Identify new requirements related to audit reporting and required by-product communications
• Recall core concepts fundamental to obtaining sufficient and appropriate audit evidence in compliance with recently-issued auditing standards
• Recognize recent clarifications and enhancements made to improve the quality of the risk-based audit process
• Recall significant new requirements of SAS Nos 134-145

Preparation

None

Notice

This course is provided by a third-party vendor. Please note that login instructions will not be available in the ‘My Upcoming CPE’ section of the NESCPA website. Instead, the login instructions will be sent directly to you via email by CPA Crossings. Upon completing the course, your hours will be recorded in the ‘My CPE Tracker’ section of the NESCPA website.